Struggling with sepcific identification, thank you in advance. Laker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. For specific identification, ending inventory consists of 300 units from the January 30purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory.Units Acquired at Cost200 units @ $ 12.50 =DateActivitiesUnits sold at Retail$ 2,500January 1January 10January 20January 25January 30Beginning inventorySalesPurchaseSalesPurchase160 units@$ 21.50130 units @$ 11.50 =1,495140 units$ 21.50300 units @$ 11.00 =3,300$ 7,295Totals630 units300 unitsExercise 5-3 (Algo) Perpetual: Inventory costing methods LO P1Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.Complete this question by entering your answers in the tabs below.WeightedAverageSpecific IdFIFOLIFOComplete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.Specific IdentificationAvailable for SaleCost of Goods SoldEnding InventoryEndingInventory-UnitsPurchase DateCost PerUnitCost PerUnitEndingInventory- Cost# of unitsActivity# of unitsCOGSCost Per UnitsoldJanuary 1Beginning inventory200$12.502,500$12.50$ 31,250January 20January 30Purchase130$11.501,495$11.5017,193Purchase300$11.003,300$11.0036,3006307,295$ 84,743$

Name: Struggling with sepcific identification, thank you in advance. Laker C
Uploaded: 2022-11-21T18:53:23.000Z
Channel: Bartleby
Description: Struggling with sepcific identification, thank you in advance. Laker Company reported the following January purchases and sales data for its only product. The Company uses aperpetual inventory system. For specific identification, ending inventory con